Vista Equity Partners and Evergreen Coast Capital Announce the Appointment of Tom Krause as CEO of the Combined Company of Citrix Systems and TIBCO Software at the Closing
AUSTIN, Texas, & MENLO PARK, Calif.–(BUSINESS WIRE)–Vista Equity Partners, a leading global investment firm focused exclusively on enterprise software, data and technology-driven companies (“Vista”), and Evergreen Coast Capital Corp. (“Evergreen”), a subsidiary of Elliott Investment Management LP (together with its subsidiaries, collectively, “Elliott”), announced today that, upon the closing of the previously announced combination of Citrix Systems, Inc. (NASDAQ: CTXS) (“Citrix”) and TIBCO Software (“TIBCO”), Tom Krause will assume the role of CEO of the combined company.
The previously announced acquisition of Citrix by Vista and Evergreen is subject to receipt of remaining regulatory approvals and is expected to close in the third quarter of 2022, in accordance with the previously announced schedule. The combination of Citrix and TIBCO will create one of the largest software providers in the world, which has served more than 400,000 customers since the founding of Citrix and TIBCO, with more than 100 million users in more than 100 countries in the 31 December 2021.
Mr. Krause brings over 20 years of experience leading, building and positioning software and technology companies for growth and long-term success. Mr. Krause previously served as Chief Executive Officer of Broadcom Inc. Most recently, he was responsible for forming and leading the Broadcom Software Group as President, before serving as Chief Financial Officer of Broadcom Inc. During During his tenure, he drove the acceleration of innovation and the building of a comprehensive portfolio of business-critical software that modernized, optimized and protected the world’s most complex hybrid IT environments.
John Stalder, Vista’s Managing Director, said, “We have the utmost confidence in Tom’s ability to lead the combined Citrix and TIBCO teams. Their employees, customers and partners will all benefit from his experience as the combined company seeks to continue innovating and delivering industry-leading solutions to the global marketplace. We thank Bob and Dan for their enormous contributions over the years, which have put Citrix and TIBCO in the strongest possible position as they prepare to unite.
David Kerko, head of North American private equity at Elliott, and Isaac Kim, senior managing director at Evergreen, said, “Tom is the right leader for the combined company, bringing decades of deep industry experience and unrivaled experience of building businesses and setting them up for sustainable growth and value creation. We strongly believe in the combination and the possibility of becoming an increasingly strategic partner for customers. »
Mr. Krause said, “Citrix and TIBCO are pioneers in their respective markets, and I am honored to lead a global enterprise software leader that will continue to accelerate digital transformations and the future of work. hybrid. I thank Vista and Evergreen for their confidence as I step into this role, and I am delighted to partner with the leadership teams and talented employees of Citrix and TIBCO around the world to drive growth and ensure the success of the merged company.
Bob Calderoni, Citrix Chairman and Interim CEO and President, said, “I am incredibly impressed with Citrix’s continued leadership in the rapidly growing DaaS market and the momentum we have created through our cloud transformation. I’m confident and excited to see how the combined company will accelerate innovation and growth as a private company under Tom’s leadership and help our customers strengthen secure hybrid working.
Dan Streetman, CEO of TIBCO, said, “I couldn’t be more proud of what our team has accomplished at TIBCO, creating a global leader in real-time enterprise data in a time of accelerating disruption around the nature of the work. As I hand over to Tom at the end of the transaction, I know the future is bright. I am delighted to work with him as we prepare for the merger of these two great companies. »
Dan Streetman will continue to serve as CEO of TIBCO, and Bob Calderoni will continue to serve as interim CEO and President of Citrix, until the merger of Citrix and TIBCO is complete.
About Tom Krause
Tom Krause most recently served as president of Broadcom Software Group, overseeing the company’s six software divisions as well as software sales, customer support and software operations. Mr. Krause previously served as Chief Financial Officer at Broadcom Inc. from October 2016 to December 2020, where he was responsible for all financial functions, mergers and acquisitions, information technology, human resources and investor relations. He joined the company as Vice President of Corporate Development in January 2012. Prior to joining, Mr. Krause ran his own financial advisory firm where he represented several public and private technology companies. Previously, he served as Vice President of Business Development at Techwell, a mixed-signal fabless semiconductor company that went public in 2006 and was acquired by Intersil in 2010. Additionally, he held positions at Technology Crossover Ventures and Robertson Stephens. Mr. Krause holds a BA in Economics from Princeton University.
About Vista Equity Partners
Vista is a leading global investment firm with $96 billion in assets under management as of March 31, 2022. The firm invests exclusively in enterprise software, data and technology organizations through capital-equity strategies. investment, permanent capital, credit and private equity, bringing an approach that prioritizes the creation of sustainable market value for the benefit of its global ecosystem of investors, companies, customers and employees. Vista’s investments are built on a strong long-term capital base, experience in structuring technology-driven transactions, and proven, flexible management techniques that promote sustainable growth. Vista believes the transformative power of technology is the key to an even better future – a healthier planet, a smarter economy, a diverse and inclusive community, and a broader path to prosperity. Further information is available at vistaequitypartners.com. Follow Vista on LinkedIn, @Vista Equity Partners and on Twitter, @Vista_Equity.
About Elliott and Evergreen
Elliott Investment Management LP manages approximately $51.5 billion in assets. Its flagship fund, Elliott Associates, LP, was founded in 1977, making it one of the oldest funds under continuous management. Investors in Elliott Funds include pension plans, sovereign wealth funds, endowments, foundations, funds of funds, high net worth individuals and families, and company employees. Evergreen Coast Capital Corp. is Elliott’s subsidiary in Menlo Park, which focuses on technology investing.
Citrix (NASDAQ: CTXS) develops secure, unified digital workspace technology that helps organizations unlock human potential and deliver a consistent workspace experience wherever work needs to be done. With Citrix, users get a seamless working experience and IT has a unified platform to secure, manage and monitor various technologies in complex cloud environments.
TIBCO Software Inc. unlocks the power of real-time data to make faster, smarter decisions. Our Connected Intelligence platform seamlessly connects any application or data source; intelligently unifies data for increased access, trust and control; and confidently predicts outcomes in real time and at scale. Find out how solutions to our customers’ most critical business challenges are made possible by TIBCO at www.tibco.com.
Safe Harbor for forward-looking statements
Certain statements in this press release may constitute forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. All statements, other than statements of historical facts, are statements that could be considered forward-looking statements, including statements containing the words “predicts”, “anticipates”, “expects”, “anticipates”, “believes”, “objective”, “target”, “estimates”, “potential”, “may”, “could”, “could”, “see”, “seek”, “anticipate” and similar words. Forward-looking statements are based on Citrix’s current plans and expectations and involve risks and uncertainties that are, in many cases, beyond Citrix’s control and that could cause actual results to differ materially from those included, contemplated or implied by the forward-looking statements. These risks and uncertainties include, among others: (i) the occurrence of any event, change or other circumstance that may give rise to the termination of the Merger Agreement; (ii) failure to obtain certain regulatory approvals required for the completion of the proposed Merger or failure to satisfy any of the other conditions to the completion of the proposed Merger; (iii) any difficulty of Vista or Elliott in financing the Merger due to uncertainties or adverse developments in the debt or equity capital markets or otherwise; (iv) the effect of the announcement of the proposed Merger on Citrix’s ability to retain and hire key personnel and maintain relationships with its key business partners and customers, and others with whom it does business , or its results of operations and business generally; (v) competitors’ response to the proposed Merger; (vi) risks associated with disruption of management’s attention to ongoing business operations as a result of the proposed merger; (vii) the ability to meet expectations regarding the timing and completion of the proposed Merger; (viii) the significant costs associated with the proposed Merger; (ix) potential litigation related to the proposed Merger; (x) restrictions during the term of the proposed Merger that could impact Citrix’s ability to pursue certain business opportunities; and (xi) other risks, uncertainties, and factors detailed in Citrix’s filings with the SEC, including its Annual Report on Form 10-K, filed February 16, 2022. Due to such risks, uncertainties, and factors , Citrix’s actual results may differ materially from any future results, performance or achievements discussed or implied by the forward-looking statements contained herein. Citrix is providing the information in this press release as of this date and undertakes no obligation to update the information in this press release or to revise any forward-looking statements, whether as a result of new information, future or other events.